Asbury Automotive Group has reached a definitive settlement to accumulate 33 dealerships and three collision facilities from The Herb Chambers Companies (HCC), marking one of many largest transactions in U.S. automotive retail historical past. The deal, valued at $1.34 billion, contains 52 franchises and is predicted to shut in late Q2 2025.
This acquisition will convey HCC’s spectacular 2024 income of $2.9 billion into Asbury’s portfolio. Asbury plans to finance the deal by a mixture of credit score facility capability, mortgage proceeds, and money.
David Hult, Asbury’s President & CEO, expressed pleasure over the collaboration, highlighting Herb Chambers’ iconic presence in Boston and his firm’s status for customer support and neighborhood involvement. Hult wrote on social media platform X, “Herb is an icon in Boston, and he has constructed a world-class group with a powerful status for serving his visitors.” Additional, he wrote, “HCC’s tradition aligns completely with Asbury’s imaginative and prescient to be probably the most guest-centric automotive retailer.”
Herb Chambers, principal of HCC, additionally shared his pleasure within the transaction, noting that his firm’s legacy will probably be in good palms with Asbury. Furthermore, Chambers will retain possession of Mercedes-Benz of Boston in Somerville, Massachusetts, and assume the position of Particular Advisor to Asbury.
The authorized and advisory groups for Asbury and HCC consisted of Jones Day, Hill Ward Henderson, and WilmerHale. Baker Tilly supplied transaction advisory providers, whereas BofA Securities and Stephens Inc. served as monetary advisors.
